Income Tax Act Section 56(2)(vii)(a): Revenue can't label a loan as a gift between parties to avoid tax inconsistency.

Income Tax Act Section 56(2)(vii)(a): Revenue can't label a loan as a gift between parties to avoid tax inconsistency. https://www.taxtmi.com/highlights?id=40251 Addition u/s 56(2)(vii)(a) - When the revenue has accepted the amount as loan in the hands of other party, the Revenue cannot take up a contrary stand and treat the same loan in the hands of the assessee as a gift or a sum received without consideration taxable u/s56(2)(vii)(a) en-us Thu, 05 Jul 2018 12:07:46 +0530 Thu, 05 Jul 2018 12:07:46 +0530 TaxTMI RSS Generator Income Tax Act Section 56(2)(vii)(a): Revenue can't label a loan as a gift between parties to avoid tax inconsistency. https://www.taxtmi.com/highlights?id=40251 Addition u/s 56(2)(vii)(a) - When the revenue has accepted the amount as loan in the hands of other party, the Revenue cannot take up a contrary stand and treat the same loan in the hands of the assessee as a gift or a sum received without consideration taxable u/s56(2)(vii)(a) Highlights Income Tax Thu, 05 Jul 2018 12:07:46 +0530 https://www.taxtmi.com/highlights?id=40251